(MENAFN) China's top economic planner, the National Development and Reform Commission (NDRC), has unveiled plans to implement adjustments to the retail prices of gasoline and diesel, effective from Tuesday. This decision is rooted in recent fluctuations in international oil prices, which have prompted the need for corresponding modifications in domestic fuel prices.
According to the NDRC's announcement, the retail prices of gasoline and diesel are set to rise by 200 yuan (approximately 28.2 U.S. dollars) and 190 yuan per tonne, respectively. This adjustment aligns with China's established pricing mechanism, whereby changes in international crude oil prices serve as the guiding principle for recalibrating the prices of refined oil products within the domestic market.
Furthermore, in light of the impending price adjustments, the NDRC has issued directives to China's major oil entities, including the China National Petroleum Corporation, the China Petrochemical Corporation, and the China National Offshore Oil Corporation, as well as oil refineries across the country. These entities have been tasked with the dual mandate of maintaining stable oil production levels and facilitating the seamless transportation of fuel supplies. Such measures are aimed at safeguarding the stability and reliability of fuel provision across various sectors of the economy.
By instituting these price adjustments and accompanying directives, the Chinese government seeks to strike a balance between the imperative of aligning domestic fuel prices with international market trends and the need to ensure the uninterrupted availability of essential energy resources to support ongoing economic activities. Through these proactive measures, authorities aim to mitigate potential disruptions to fuel supply chains while navigating the intricacies of a dynamic global energy landscape.
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